Investor from Hong Kong to build a housing complex in Zeleny Ugol district of Vladivostok

Investor from Hong Kong to build a housing complex in Zeleny Ugol district of Vladivostok

The resident of the Free Port of Vladivostok, LLC RKSK (subsidiary of AO TON corporation, Hong Kong) has started the construction of a housing complex in Zeleny Ugol city district. Amount of investments in this project will constitute up to 1,5 billion rubles.

The new housing complex called Green Boulevard at this moment includes three 25-storied blocks. The constructors are already raising the ossature of one block and laying the foundation of another.

“In order for this project to become real we have worked closely with the investors from Hong Kong. We have presented the advantages of our region and the special regimes that Primorye can offer to business. The key factor in investors’ decision were the privileges that are provided to the residents of the Free Port,” said Denis Starodub, the deputy director of Primorye Investment Promotion Agency.

The tax relief that the developer has received as a resident of the Free Port of Vladivostok let them cut the costs and, as a result, to set an affordable price for a square meter.

The concept of the project implies the creation of a comfortable environment: forest view from every window, sports grounds and playgrounds for children, a stadium, areas to walk pets and no cars in the yard.

“Within the period of 25 years we have built dozens of modern residential areas in Asia, and we are currently ready to use this experience in Vladivostok. The zest of this project is the only kilometer long green pedestrian boulevard in the city, where the people will be able to walk and do outside sports. Pedestrian foot paths, jogging tracks, cycle lanes, as well as places for skateboarding and roller skating will be equipped here,” said Ren Shizhong, president of AO TON Corporation.

As a part of a full-service support from Primorye Investment Promotion Agency, the development company received the accreditation as mortgage loans partner from Rossiysky Capital bank – the subsidiary bank of DOM.RF.

“This will help us give out mortgage loans on an interest rate that is lower than the market average. The standard rate for the Green Boulevard currently equals 9,65% and for those participating in the “Family mortgage loan” state programme equals to 6% per annum,“ explained Anatoly Bondarenko – the head of the bank’s regional branch.

The building in Green Boulevard housing complex is scheduled for commissioning in December 2019. Construction of two more blocks, as well as all related infrastructure will be completed by 2021.

Thanks to the state support measures that included the services of Primorye Investment Promotion Agency, special tax regime of the Free Port of Vladivostok and the preferential mortgage programs of DOM.RF, for the first time ever the region has managed to attract investments from China to the construction of affordable housing.